Chapter 2 Homework A Saved Help Save & Exit Submit 3 Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31, 2019 10 points Skipped Sales Purchases of materials (1) Payroll (2) Advertising Administrative travel Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual insurance (manufacturing) Office utilities Management salaries (5) Net income $1, 367, 600 245, 640 266, 786 37,000 27,600 49, 400 90,000 63,500 41,000 40,000 22,400 388.000 $ 96, 274 eBook Print Notes: References (1) 80% of the materials were direct (2) 70% direct labour, 30% indirect labour (3) 90% related to manufacturing (4) 75% related to manufacturing (5) 40% related to manufacturing Furthermore, Rosenthal compiled the following information with respect to inventories for the quarter (note that the company does not maintain inventories of indirect materials). Direct materials Work in process Finished goods Beginning $ 6, 870 8,070 11,280 Ending $7,860 9, 120 7,420 Required: 1. This part of the question is not part of your Connect assignment. 2. Prepare a cost of goods manufactured statement for the quarter. (Round your answers to the nearest whole dollar.) RUSSELL MANUFACTURING COMPANY Required: 1. This part of the question is not part of your Connect assignment. 2. Prepare a cost of goods manufactured statement for the quarter. (Round your answers to the nearest whole dollar.) RUSSELL MANUFACTURING COMPANY Cost of Goods Manufactured Statement For the Quarter Ending December 31, 2019 Direct materials: Direct materials available for use Direct materials used Overhead Total manufacturing costs Total work-in-process Cost of goods manufactured 3. Prepare a revised income statement for the quarter. RUSSELL MANUFACTURING COMPANY Income Statement For the Quarter Ending December 31, 2019 Cost of goods sold: Goods available for sale Cost of goods sold Deduct: Selling and administrative expenses